WASHINGTON, D.C. – (RealEstateRama) — Rep. Barry Loudermilk (R-GA) today issued the following statement after introducing H.R. 5953, the Building Up Independent Lives and Dreams (BUILD) Act.
“Community banks and credit unions are not the only ones feeling the regulatory burden brought on by the Dodd-Frank Act; some charities and non-profits are affected too. For example, in Georgia, Habitat for Humanity has experienced challenges with some mortgage disclosure regulations under Dodd-Frank.
“My bill aims to cut some of the red-tape and alleviate unnecessary burdens brought on by Dodd-Frank regulations. This legislation will allow non-profits, such as Habitat for Humanity, to choose to be exempt from the overly complicated mortgage disclosure requirements of Dodd-Frank, and replace them with a more simplified system.
“Habitat for Humanity, and others, want to devote their time to their mission, not sit in an office and jump through regulatory hoops. This strongly bipartisan bill will help get those volunteers out of the office and back to rebuilding lives, communities, and dreams.”
Christopher Ptomey, senior director of government relations for Habitat for Humanity International said, “Driven by a vision that everyone needs a decent place to live, Habitat for Humanity works alongside families and individuals across all 50 states to build affordable homes. We do this work by offering a hand-up, not a hand-out. Rep. Loudermilk’s legislation offers a much needed and much appreciated hand-up to Habitat. By reducing paperwork and regulatory burdens, our local Habitat organizations can build more houses and help more people build strength, stability and self-reliance through homeownership.”
Rep. Brad Sherman (D-CA) is an original co-sponsor of this legislation.
Summary of H.R. 5953:
• Allows Habitat for Humanity affiliates, and other similar organizations, to choose whether to use the TRID loan estimate and closing disclosure form or use the less complex GFE, HUD-1, and TILA forms.
You can view the text of this legislation HERE.